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Fed, FDIC & OCC address the crypto-world
24 January 2022     544

Fed, FDIC & OCC address the crypto-world

We have already told you that with the upgrade of Bitcoin (as well as its mini-crisis) there has been talk of regulation and connection of these technologies to the banking system.

Given that it seems that the crypto-world is not a small scroll and even thanks to the "Meta" project we can talk about it as a long-term project, it becomes necessary to organize, administer, manage this field.

Primarily for the US Congress this is mainly reflected in its anti-money laundering policies. So it is not surprising that all of this was followed by the following response.


statement

According to Reuters, bank regulators intend to describe in detail what role traditional banks will play in the crypto market.

In a statement, regulators discussed plans for the future of Bitcoin, Stablecoins, cryptocurrencies and cryptocurrencies. Attention will also be paid to the decentralized nature of cryptocurrency, which is a kind of puzzle for many regulators.


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This is a joint statement of the Fed, FDIC & OCC. As I told you in a previous blog post, former Fed Chairman and prominent economist Janet Yellen & current Fed Chairman Jerome Powell have already taken firm positions on cryptocurrencies. Specifically, they believe that the flights in todays market are too large to provide additional regulations.


Goals

Although the agencies did not discuss specific details, they said in general that these systems pose a threat to traditional banks. This is very noticeable because it is a kind of signal that potential changes will be quite significant. The US government is very vigilant about banking security (especially after 2007-08). So it would not be surprising if their plan is quite focused, detailed and comprehensive.


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According to the statement, as a result of the preparatory and fundamental research, the agencies were able to identify several aspects where public openness is needed.
These regulations concern the activities of certain banks in relation to crypto-properties and their legality. As well as safety and security, consumer protection, compliance with regulations and laws.

Agency staff are closely monitoring the risks that crypto-banks take on (or fail to notice). Accordingly, the current regulations may be changed in this regard as well.

Agencies will also continue to review banking equity applications as well as liquidity standards for crypto-holdings in relation to banking organizations.


Future plans

The statement also said that organizations are ready to monitor the situation in the future, establish certain common concepts and make changes in future regulations, which will help markets in further development.


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Additionally, agencies will continue to work with relevant administrations to address crypto-ownership issues as needed.

A detailed statement can be found here.

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